Ethereum is testing a major support zone near $1,500 after losing key weekly moving averages including the 200 EMA and 200 MA located around $2,470-$2,530. The decline follows a pattern of lower highs and sharp selloffs that pushed ETH below long-term trend support levels. Futures data shows selling pressure has started to ease, with net position delta rising after a prolonged decline, although Open Interest remains flat at 34.6 million contracts.
Ethereum Tests $1,500 Support After Losing Weekly Moving Averages
Ethereum (ETH) has fallen back to a critical support zone near $1,500 after losing several major technical levels. The current area previously acted as support in late 2023 and again during the April 2025 correction, making it one of the most important levels on the weekly chart.
The chart shows a clear pattern of lower highs followed by sharp selloffs. Each recovery attempt failed below the previous peak, creating a bearish structure that eventually pushed ETH below both the weekly 200 EMA and weekly 200 MA. These moving averages, located around $2,470-$2,530, previously served as long-term trend support but have now turned into overhead resistance.
According to analyst Daan Crypto Trades, ETH has retraced the entire BMNR rally and returned to the $1,500 region. This level coincides with a major historical support area that successfully held during late 2023 and April 2025.
The chart also highlights previous reactions near the same price area. Similar tests in late 2023 and April 2025 resulted in strong rebounds.
From a technical perspective, the current support appears more significant than the April 2025 wick low near $1,375. The analysis suggests that if ETH breaks below the $1,500 region and begins testing $1,375, downside momentum could accelerate.
Ethereum Futures Data Shows Easing Selling Pressure
Ethereum (ETH) is showing early signs that selling pressure may be fading after a steep decline. Positioning data suggests bears are no longer increasing pressure at the same pace as before.
The chart combines ETH price action with Open Interest (OI) and net position delta data. Ethereum recently stabilized near the $1,550-$1,600 region after an extended selloff that pushed price from above $2,000 to current levels.
According to analyst CW, the net position delta has stopped falling and has started to move higher. Net position delta tracks the balance between long and short positioning. After a prolonged decline, the recent uptick suggests traders are becoming less aggressively bearish.
However, Open Interest remains relatively flat near 34.6 million contracts and has not yet shown the strong increase typically associated with fresh capital entering the market.
FAQ
What support level is Ethereum currently testing?
Ethereum is testing a major support zone near $1,500. This level previously acted as support in late 2023 and again during the April 2025 correction.
What technical levels did Ethereum lose during the recent decline?
Ethereum fell below both the weekly 200 EMA and weekly 200 MA, which are located around $2,470-$2,530. These moving averages previously served as long-term trend support but have now turned into overhead resistance.
What do Ethereum futures data currently show?
Futures data shows net position delta has stopped falling and started to move higher, suggesting selling pressure is easing. However, Open Interest remains flat near 34.6 million contracts, indicating fresh capital has not yet entered the market in significant volume.
